Ferrari Exceeds Earnings Expectations in Q2

Ferrari (ticker: RACE) has surpassed earnings expectations for the second quarter of the year and has increased its full-year guidance, thanks to the continued strong demand for its luxury cars.

In this quarter, Ferrari reported adjusted earnings per share (EPS) of 1.83 euros ($2.01) with revenue totaling €1.47 billion ($1.61 billion). These figures were higher than analysts' estimates, who were expecting EPS of €1.73 on sales of €1.48 billion.

The Italian luxury car manufacturer is now projecting adjusted full-year earnings between €6.25 and €6.40 per share, up from the previous range of €6 to €6.20. However, this new guidance is only slightly above the consensus estimate of €6.34.

While the news of Ferrari's upgraded guidance is positive, some investors may have been hoping for a larger increase. As a result, the U.S.-listed shares fell 2% in premarket trading.

According to Bernstein analyst Daniel Roeska, the upgrade in guidance aligns with market expectations, which may be disappointing for some investors. Roeska maintains a Market Perform rating on the stock.

CEO Benedetto Vigna attributed the upgrade in earnings to the remarkable performance of Ferrari's personalizations segment. This program empowers customers to customize their vehicles according to their preferences.

Despite the minor setback in premarket trading, Ferrari's U.S.-listed shares have experienced significant growth this year, rising by 48% as of Tuesday's close.